Perelman on the Bankruptcy History of the United States

Mark Perelman, whom I believe is a graduate of the Yale School of Management, has posted A Bankruptcy History of the United States:

Financial crises destroy value and radicalize the political sphere. Are these events random, idiosyncratic, or driven by some force? The ex-post answers — be they monetary, criminal, or international contagion — have a profound impact on the role of government in society, but have questionable predictive power. In the United States, only the Federal government can impair contracts across States through the bankruptcy process. The history of bankruptcy law is intertwined with that of crises and banking law, and, as we argue, is a consistent cause, accelerant, and reaction of financial crises.

--Dan Ernst